Canadian marijuana producer Tweed to triple operational space

Tweed Farms – a subsidiary of Canopy Growth Corp. and the largest licensed cannabis producer in Canada – is poised to get even bigger after purchasing land near its current site at Niagara-on-the-Lake, Ontario, and beginning construction on existing properties.

Once completed, the construction will bring Tweed’s total greenhouse space to more than 1 million square feet and triple its overall production space, the company said in a news release.

The land cost Canopy 9 million Canadian dollars ($7.4 million) – CA$6 million in cash and CA$3 million in equity – according to the release. The 111,366 common shares issued at closing are subject to a four-month lockup.

The parcel includes an operational 458,000-square-foot greenhouse.

Tweed has also started building a new 212,000-square-foot greenhouse at its Niagara-on-the-Lake site, and construction is expected to be completed by April.

Canopy has also renovated 10,000 square feet of drying space and upgraded a laboratory, according to the release.